For chain_id: aca376f206b8fc25a6ed44dbdc66547c36c6c33e3a119ffbeaef943642f0e906
We The Vested Account Holders of the EOS Blockchain,
- In order to form a more perfect distributed ledger of transactions,
- Using cryptographically secured accounts, structured actions,
- Ricardian and automated smart contracts,
- Built on a globally decentralized platform of free expression,
- That is without jurisdiction or censorship,
Establish these Rules, Rights and Reasonings for the EOS Blockchain.
Herein represents the human-readable intent of the underlying source code protocol of the EOS Blockchain which enables Block Producers to;
- Discern which code to execute and which code not to execute,
- Identify the difference between bug and feature,
- Guide the community on what fixes are proper or improper when errors occur.
This governing document is to be considered a peer-to-peer, time-infinite, binding multi-party contract.
Every transaction broadcast on the EOS network shall incorporate the hash of this document as part of the signature, thereby explicitly binding the signer to this contract.
From an infinite pool of candidates, the top twenty one Block Producers determined by a continuous EOS Token Holder vote of staked tokens, shall execute code that creates an operating system-like construct based on accounts, authentication, automated contracts, databases, asynchronous communication, and scheduling, across many CPU cores or clusters, resulting in a feeless scalable decentralized blockchain architecture upon which applications and their services can be built.
Block Producers shall only execute code that is offered under an open source software license.
Block Producers shall execute code that defines a collective decision making process to validate transactions thru a decentralized consensus algorithm known as Delegated Proof of Stake(DPOS), which shall be considered Byzantine Fault Tolerant(BFT) by its capacity to coordinate strategic responsiveness to system fault or attack.
Block producers shall not freeze or modify contracts, except;
- When a super-majority of 15 of 21 elected Block Producers deem a contract is not operating as intended. The determination of the intent of code by Block Producers shall consider code, human-and-machine-readable Ricardian Contracts, user interfaces, and actual use. If there is a dispute over the intent of code, then intent shall be determined by a super majority vote of elected Block Producers. This super majority may, at their discretion, freeze a smart contract during an active dispute until such time as code to amend the smart contract is available and vetted. The parties to the dispute must produce proposed replacement code to the smart contract. Block Producers may charge a reasonable fee and/or place other reasonable requirements upon the parties to the dispute. Ricardian contractual terms that cannot be enforced by properly functioning code are beyond the scope of the Block Producers authority to evaluate and enforce.
All service providers facilitating the construction and signing of transactions on behalf of EOS Account Holders shall present the full Ricardian Contract terms of this governing document and all other referenced smart contracts.
A Ricardian Contract is deemed accepted when a transaction based on that contract is incorporated into the blockchain.
Contributors to this system including smart contract developers and authors of governing documents are not liable for damages caused by unintentional bugs in code or unintentional effects of governing documents. All Parties are responsible for auditing smart contracts and their equivalent Ricardian contract before use.
EOS Token Holders shall elect Block Producers through a continuous approval voting system based on their ability to effectively produce blocks, process votes, contribute to the EOS ecosystem and operate in accordance to this governing document. Block Producer votes shall decay over time at the rate of approximately 1% per week.
Referendums must be submitted on-chain either in full text or as a hash of the referendum text. A Referendum is considered approved for execution when;
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At least 15% of issued tokens have staked and registered a vote for a specific referendum,
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Affirmative tokens exceed the number of negative staked tokens by a difference of no less than 10% of total percentage of registered votes (i.e. 55% yes, 45% no).
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These requirements must remain satisfied above the minimum requirements for a period of at least 30 consecutive days within a 120-day sustainment period per Referendum. Should a Referendum not be approved for execution within the 120-day period, it is considered expired and must be resubmitted if another vote is desired. The 120-day period starts when the transaction which includes a referendum is appended to the blockchain. EOS tokens issued during the 120-period are counted toward the total issued amount calculation. Referendums may then be enacted by a super majority of Block Producers defined as 15 of the 21 elected Block Producers.
Block Producers shall execute code that permits EOS Account Holders to delegate their right to cast Referendum or Block Producer votes to an EOS Vote Proxy of their choice. Proxied votes of any kind, shall decay at the same rate as direct EOS Token Holder votes as defined in this governing document. EOS Vote Proxies shall register their intent to proxy the votes of other EOS Account Holders by executing the {{ regproxy }} contract.
Un-staked Tokens can be immediately Staked gaining;
- Access to Processing and Network system resources and
- The right to vote for Block Producers or Referendums,
While losing transferability between accounts.
Staked Tokens can be Un-staked following a 72 hour un-staking period during which they lose;
- Access to Processing and Network system resources and
- The right to vote for Block Producers or Referendums,
While waiting to gain back transferability between accounts.
The EOS token shall be the native unit of value representing access to utility resources on the EOS Network including but not limited to;
- Bandwidth and Log Storage (Disk),
- Computation and Computational Backlog (CPU) and
- State Storage (RAM).
EOS accounts held in common to all EOS Account Holders and in proportion to their tokens include the following;
- eosio.names,
- eosio.ramfee,
- eosio.saving.
No Party shall have a fiduciary responsibility to support the value of the EOS token.
No Party shall be authorized to hold assets, borrow, speak nor contract on behalf of EOS token holders or the blockchain collectively. This blockchain shall have no owners, managers, or fiduciaries.
No Party shall claim a seat of governance or jurisdiction for the EOS Blockchain.
All Parties voluntarily consent for all other Parties to permanently and irrevocably retain, copy, analyze, and distribute all broadcast transactions and derivative information. Use of the blockchain shall constitute consent to its terms.
Block Producers shall review, test, implement, optimize, and upgrade the code defining the active EOS blockchain codebase. Block Producers shall not alter any governing document or execute actions that may alter the current state of any tokens considered common to EOS Accounts without prior authorization obtained through Referendum as defined in this document.
Block Producer {{ producer }} candidates shall nominate themselves and register their intent to produce blocks on the EOS Blockchain by executing the {{ regproducer }} contract.
Block Producers shall be rewarded for block production and vote processing from an annual 1% rate of inflation to the EOS Token. Rewards shall be transferred from the {{ eosio.bpay }} and {{ eosio.vpay }} system accounts to the Block Producer account submitted to the {{ regproducer }} and calculated as follows;
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Rewards for Block Production
{{ eosio.bpay }}From the 1% inflation, .25% shall be paid on a per-block-created basis to the top 21 Block Producers determined by the number of votes they receive. -
Rewards for Vote Processing
{{ eosio.vpay }}From the 1% inflation, .75% shall be paid on a pro-rata portion of the number of votes a Block Producer Candidate receives proportional to the total Block Producer votes cast, where the daily{{ eosio.vpay }}for a given Block Producer Candidate exceeds a threshold of 100 EOS Tokens.
Block Producers shall be set into three classes as follows;
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Active Block Producer Block Producers shall be considered Active when they are among the top 21 Block Producers as determined by the number of votes they receive which enables them to produce blocks.
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Stand-by Block Producer Block Producers shall be considered Stand-by when they are not among the top 21 Block Producers as determined by the number of votes they receive, yet their vote processing rewards
{{ eosio.vpay }}exceed the 100 EOS Tokens per day threshold. -
Candidate Block Producer Block Producers shall be considered Candidate when they do not qualify as either a Stand-by or Active Block Producer, and therefore process no blocks and receive no rewards.
Block Producers shall only use their {{producer_key}} to sign messages under the following scenarios:
- Proposing an objectively valid block at the time appointed by the block scheduling algorithm.
- Pre-confirming an objectively valid block produced by another producer.
- Confirming a block for which {{producer}} has received pre-confirmation messages from more than 2/3 of the 21 active Block Producers.
Block Producers shall acknowledge that a block is considered 'Objectively Valid' if it conforms to the deterministic blockchain rules in force at the time of its creation, and is 'Objectively Invalid' if it fails to conform to those rules.
Elected Block Producers shall produce blocks by executing signed {{ eosio }} contracts with their unique cryptographic private {{ producer_key }} and attest to maintain the secrecy of this key under their sole control.
Block Producers earning rewards shall;
- Provide a public endpoint allowing at least 100 peers to maintain synchronization with the blockchain and/or
- Submit transactions to be included into the blockchain.
- Maintain at least 1 validating node with full state and signature checking.
- Publically report any objectively invalid blocks produced by the active Block Producers via a publically reported method to be agreed upon among Block Producers.
Block Producers shall cooperate with other Block Producers to carry out their respective and mutual obligations under this contract, including but not limited to maintaining network stability and a valid blockchain.
Block Producers shall not;
- Sign two different block proposals with the same timestamp with {{producer_key}}
- Sign any block proposal which builds off of an objectively invalid block
- Sign a pre-confirmation for an objectively invalid block
- Sign a confirmation for a block which they do not possess pre-confirmation messages from more than 2/3 of the 21 active Block Producers.
Block Producers shall not interfere with the Block Producer or Referendum voting by;
- Processing all vote transactions that occur in blocks they create,
- Signing all objectively valid blocks they create that contain vote transactions,
- Signing all pre-confirmations and confirmations necessary to facilitate transfer of control to the next set of Block Producers as determined by the system contract.
Block Producers shall not offer nor accept anything of value in exchange for a vote of any type, nor shall any Member unduly influence the vote of another.
Block Producers shall execute no code that discriminates or favors any service provider over another.
Block Producers shall not derive profit by manipulating;
- The order in which transactions are included into a block,
- The hash of any block produced.
Elected Block Producers may disqualify another {{ producer }} by a vote of 15 of 21 Elected Block Producers, in the event the {{ producer }} is unable to produce blocks or is unable to be reached based on criteria agreed to among Block Producers.
Block Producers shall resubmit the {{ regproducer }} contract with a {{ producer_key }} of {{ null }} if they are unable to perform obligations of the {{ regproducer }} contract.
Block Producers shall not be responsible for maintaining the authentication credentials of EOS Accounts, including but not limited to the secrecy of private keys, except for their own accounts or those they control while fulfilling their role of Block Producer as defined in this document.
Block Producers shall authenticate peers as necessary to prevent abuse and denial of service attacks without discriminating against non-abusive peers.
Block Producers shall disclose all ultimate beneficiaries of their organization who own more than 10% and all direct shareholders.
Block Producers shall maintain a website hosted which contains up-to-date information on all disclosures required by this contract.
Block Producers shall set a server location that minimizes latency between both previous and next peers within the round-robin block producing schedule.
Block Producers shall maintain time synchronization within 10 ms of global atomic clock time using a method agreed to among Block Producers.
Block Producers shall not produce blocks before their scheduled time unless they have received all blocks produced by the prior scheduled Block Producer.
Block Producers shall not publish blocks with timestamps more than 500ms in the future unless the prior block is more than 75% full by either CPU or network bandwidth metrics.
Block Producers shall cease producing blocks if they are unable to provide the RAM as shown in the system parameters and approved by 15 of 21 Elected Block Producers.
Block Producers shall not set their RAM supply parameter to more RAM than their nodes actually contain.
Block Producers shall process transactions on a First-In-First-Out best-effort basis and to honestly bill transactions for measured execution time.
All actions executed on the EOS Blockchain are bound to the entirety of this governing document including those made directly by EOS Account Holders and any service providers on their behalf.
This governing document may be amended by a direct vote Referendum in which all EOS Token holders may vote per proposal as prescribed in this document. Referendums proposing amendments to this governing document shall be considered ratified when 15 of 21 Block Producers execute code accepting the amended governing document.
The contents of this Governing Document in its entirety, represents an agreement of the entire understanding between All Parties with respect to its subject matter and supersedes any previous communication or agreements that may exist.
Block Producers shall execute no code that favors, abridges or denies Actions based on their content.
Block Producers shall execute no code that diminishes, invalidates or impairs the strength of encryption that may protect accounts, contracts, or any aspect of the system.
Block Producers shall execute no code that denies, abridges or impairs an account based based on race, color, religion, sex, or national origin or political affiliation.
Block Producers shall execute no code that freezes, invalidates or deletes accounts or their associated resources, including but not limited to processing power, network bandwidth and memory.
Block Producers shall execute no code that seizes or transfers or executes any transaction without the explicit consent of the account holder.
Block Producers shall execute no code that denies, abridges or impairs the direct or proxied vote of either Block Producer or Referendum.
When The Governed Yearn,
- For free uncensored speech,
- For resilience to corruption and interference,
- For many sources of truth in perfect accordance,
- For solutions to protect life, liberty, and property,
- For a peaceful society without the need for violence,
The People Resolve,
- To decentralize everything,
- To create an irreversible public record,
- To recouple the unit of value with it’s creator,
- To open the source of our creative endeavors to the world,
- To use technology to achieve what governments cannot,
- To allow the individual the oversight of security, efficiency, accountability, and transparency,
- To reengineer business models,
- To reimagine how we live our lives,
- To align incentives and balance information asymmetries,
- To build trust without intermediaries,
- To create a community focused on the common good,
- To dawn the next evolution of human assembly,
For a Freer and More Prosperous Society.